Equitable Trust Co. Increases Stake in Public Storage (NYSE:PSA)

Equitable Trust Co. raised its stake in shares of Public Storage (NYSE:PSA - Free Report) by 24.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 72,974 shares of the real estate investment trust's stock after acquiring an additional 14,351 shares during the period. Public Storage makes up 1.7% of Equitable Trust Co.'s investment portfolio, making the stock its 13th biggest holding. Equitable Trust Co.'s holdings in Public Storage were worth $22,257,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AdvisorNet Financial Inc grew its holdings in shares of Public Storage by 3.2% in the 4th quarter. AdvisorNet Financial Inc now owns 1,139 shares of the real estate investment trust's stock worth $347,000 after acquiring an additional 35 shares during the period. Kinneret Advisory LLC grew its holdings in Public Storage by 2.3% during the 1st quarter. Kinneret Advisory LLC now owns 1,678 shares of the real estate investment trust's stock valued at $655,000 after buying an additional 37 shares during the last quarter. Albert D Mason Inc. grew its holdings in Public Storage by 3.7% during the 3rd quarter. Albert D Mason Inc. now owns 1,153 shares of the real estate investment trust's stock valued at $304,000 after buying an additional 41 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in Public Storage by 4.1% during the 3rd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,097 shares of the real estate investment trust's stock valued at $289,000 after buying an additional 43 shares during the last quarter. Finally, Wealth Alliance boosted its holdings in shares of Public Storage by 5.3% during the third quarter. Wealth Alliance now owns 847 shares of the real estate investment trust's stock worth $223,000 after purchasing an additional 43 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Up 0.7 %

NYSE:PSA traded up $1.93 during mid-day trading on Friday, hitting $282.57. The company had a trading volume of 436,914 shares, compared to its average volume of 677,025. The business has a fifty day simple moving average of $283.02 and a 200-day simple moving average of $275.97. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. Public Storage has a 1 year low of $233.18 and a 1 year high of $316.48. The firm has a market capitalization of $49.64 billion, a price-to-earnings ratio of 25.55, a PEG ratio of 3.71 and a beta of 0.54.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The company had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.14 billion. During the same period last year, the business earned $4.16 earnings per share. The company's revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts forecast that Public Storage will post 16.93 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were paid a $3.00 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.25%. Public Storage's dividend payout ratio (DPR) is 108.50%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PSA shares. Barclays started coverage on Public Storage in a report on Wednesday, March 27th. They set an "overweight" rating and a $330.00 price objective on the stock. Truist Financial raised their price objective on Public Storage from $285.00 to $315.00 and gave the stock a "buy" rating in a report on Thursday, December 28th. Raymond James upgraded Public Storage from a "market perform" rating to a "strong-buy" rating and set a $330.00 price objective on the stock in a report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft started coverage on Public Storage in a report on Tuesday, January 30th. They set a "sell" rating and a $250.00 price objective on the stock. Finally, Scotiabank increased their target price on Public Storage from $267.00 to $270.00 and gave the stock a "sector perform" rating in a research report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $305.00.

Public Storage Company Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.